New York, USA, Dec. 15, 2021 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global processed meat market is anticipated to generate a revenue of $4,79,472.50 million and rise at a noteworthy CAGR of 7.20% over the forecast period from 2021-2028.
As per our analysts, with the growing demand for ready-to-eat meat products due to the increasing number of working professionals, hectic lifestyles busy schedules, the market is expected to observe significant growth during the analysis period. Besides, the growing urbanization and the increasing per capita income among millennial is further expected to boost the growth of the processed meat market during the forecast period. Furthermore, the increasing demand for animal protein among fitness-obsessed people all over the world is expected to foster the growth of the market over the estimated period. However, the rising consideration of processed meat as unhealthy food, which can increase the risk of chronic diseases such as cardiovascular diseases, cancer may hamper the growth of the market during the forecast period.
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The Segments of the Market
The report has divided the processed meat market into segments based on meat type, product, distribution channel, and region.
Meat Type: Poultry Type Sub-Segment to be Most Profitable
The poultry type sub-segment is expected to generate a revenue of $1,95,272.50 million during the analysis period. This is mainly due to the low cost and high nutritional value of poultry meats. Moreover, the increasing efforts of leading companies in adopting various new strategies to attract consumers are expected to bolster the growth of the market over the forecast period.
Product: Frozen Sub-Segment to be Most Productive
The frozen sub-segment is expected to garner a revenue of $2,90,669.30 million over the analysis time period. This is mainly because of the growing demand for ready-to-eat food that is widely available in frozen forms. In addition, consuming frozen meats are quite safe as the low temperature restricts the growth of harmful bacteria and microbes, this factor is expected to fortify the growth of the processed meat market sub-segment during the estimated period.
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Distribution Channel: Supermarkets/Hypermarkets Sub-Segment to be Most Lucrative
The supermarkets/hypermarkets sub-segment is anticipated to garner a revenue of $2,95,508.80 million during the forecast timeframe. This is broad because of the availability of various processed meat products in the supermarket along with the freedom of choosing the products. Moreover, providing a good quality of processed meats products by supermarkets at affordable prices and giving exciting discounts on them are the factors expected to fuel the growth of the processed meat market sub-segment during the analysis period.
Region: North America Region Anticipated to Hold the Largest Share of the Market
The North America region is projected to generate a revenue of $1,85,076.40 million throughout the analysis timeframe. This is mainly due to the increasing trend of trying new processed meat products among people of this region. In addition, the strong existence of leading companies and more preference for meat-based breakfast are expected to augment the growth of the market during the forecast period.
Covid-19 Impact on the Market
Due to the outbreak of the Covid-19 pandemic, the processed meat market has had a negative impact, likewise various other industries. To check the spontaneous spread of the Covid-19 virus among people, the shutting down of hotels, cafes, and restaurants have taken place during the period of the pandemic. This led to a reduction in the demand for processed meat. Moreover, the leading companies have limited their facilities for meat processing during the period of crisis has further declined the growth of the market.
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Key Players of the Market
The major players of the processed meat market include
- American Foods Group, LLC.
- Hormel Foods Corporation
- Perdue Farms, Inc
- Cargill
- Incorporated
- Tyson Foods, Inc.
- Koch Foods, LLC.
- Smithfield Foods, Inc.
- Swiss Meat & Sausages Co.
- JBS S.A.
- OSI Group and many more.
These players are working on the development of new business strategies to achieve the leading positions in the global industry.
For instance, in November 2021, the protein industries in Canada namely Merit Functional Foods, Winecrush Technology, Wamame Foods, and Wismettac Asian Foods have announced that they are looking forward to co-invest in a project to expand the alternative choice of meats in Canada. With this collaboration, the companies are focusing on plant-based and non-soy substitutes to pork and beef.
In addition, the report also summarizes other vital aspects such as SWOT analysis, the financial performance of the key players, product portfolio, and the latest strategic developments.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
Related Article Links:
- The Processed Meat Market to Grow Remarkably with the Rising Demand for Ready-To-Eat Meat Products Worldwide
- What is Processed Meat and What Are the Factors Responsible for Driving Its Demand in the Near Future?
